Myoung Shin CEO Lee Tae-gyu said Tuesday that the plant in the southeastern port city of Gunsan, 178 kilometers (110 miles) southeast of Seoul, would gradually expand facilities after producing some 50,000 SUVs under an original equipment manufacturing (OEM) contract from the first half of 2021.
"We aim to promote the quantitative and qualitative development of South Korea's electric vehicle industry through the production of completely our own models," Lee told reporters, vowing to inject 618 billion won ($532 million) into the Gunsan plant. Myoung Shin promised to produce sedans and release an independent model in 2022.
From 2023, the company plans to produce small electric buses with less than 15 seats and trucks weighing less than 1.5 tons. In May last year, GM closed the plant in Gunsan, which used to produce two GM models, the Orlando SUV and the Cruze compact. Myoung Shin, a subsidiary of MS Autotech which produces car parts for South Korea's Hyundai auto group, took over the plant for 250 billion won.
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